Offshore tax planning options for a SA tax resident

Overview

Many South African residents want to make use of tax planning options to minimize their South African tax consequences.  Proper structuring is necessary to ensure that the most efficient options are made use of. If not, taxpayers might be faced with problems and unexpected tax consequences in future.  Structuring should not only take the current tax savings and benefits into account when structuring, but also the future tax that could arise in subsequent periods.  A holistic and long-term perspective is important in choosing the best tax planning option.

The first webinar in this series of three webinars will be taking place on 30 April.  The session will concentrate on the use of an offshore trust to create an international estate plan to hold investments and passive growth assets. This webinar will also address how to terminate SA tax residency as an ultimate personal tax plan. This webinar will cover the following-

• The process of how to set up an offshore estate plan (using an offshore trust or foundation) to protect and shelter tax in SA whilst remaining SA tax resident

• Explaining the correct role of the SA settlor, the foreign trustees, a Protector, and the SA beneficiaries

• Explaining the limited tax benefits associated with an offshore trust where conservative long-term capital growth is the objective (such as unit trusts or holding foreign residential property)

• Protocols regarding how the trust and underlying companies that it controls should function, identifying the benefits and disadvantages

• How to fund an offshore trust and conduct investment activity in compliance with SA tax and Exchange Control

• Explaining the SA tax rules affecting an offshore trust and distributions to SA beneficiaries

• The protocols and tax planning issues involved with repatriating funds back to SA

• Exploring the ultimate personal tax pan: Terminating SA tax residency, illustrating the choice of Mauritius as a viable tax residency location

• Identifying key SA Exchange Control restrictions if SA residency (in terms of Exchange Control rules) is retained, illustrating the benefits of financial emigration

• Understanding the Common Reporting Standard and the transparency of information sharing with SARS

Presenter

Mark Andrew Korten (B.Comm. LLB. H.Dip Tax)

Mark Korten was admitted as an attorney of the High Court of South Africa in the Division of the Northern Provinces in 1996. He practised as a commercial and tax partner at various South African law firms for 13 years before moving to Mauritius where for the last 10 years he has acted as an independent legal advisor on financial, tax and commercial issues relating to cross border transactions in sub Saharan Africa with a focus on South Africa and Mauritius, and concentrating on the African and European focussed activities related to licensed fund management, international investment, labour broking, immoveable property investment and management, and construction activities. Mark was the second foreign lawyer to be registered in Mauritius in 2010 when he was a consultant to the Eversheds, being the first foreign law firm to be registered in Mauritius.

CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output Tax CPD points.

Event Pricing:

This webinar does not form part of any CPD subscription package.

Other member: R475.00

Company Price: R950.00

Payments & Cancellations

• All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.

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• Only written notice of cancellation will be recognised.

• Cancellation Conditions:

  • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.

  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.

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